An Ohio man is accused of defrauding investors, including three Carmel residents, of more than $650,000.

David Bridges, 37, Cincinnati, persuaded people to invest in a company, SD Capital LLC, and promised them that their money would be used for investment and insurance products, according to the U.S. attorney’s office

Prosecutors said investors would buy annuity contracts and transfer their retirement accounts into what Bridges claimed was an IRA account maintained by SD Capital. Checks written to SD Capital were deposited in Bridges’ personal bank account, prosecutors said, and the money was spent at casinos, grocery stores, gas stations and retail outlets.

Bridges, who is charged with devising a scheme to fraudulently obtain money from investors, could face up to 10 years in prison and a maximum of $250,000 in fines if convicted.